Final answer:
Option B, an increase in the price of gas leading to reduced consumption, best illustrates the law of demand. This law suggests that a higher price typically results in a lower quantity demanded, as consumers adjust their behavior following a price change. Option B is correct.
Step-by-step explanation:
When analyzing which of the following is most likely to be an example of the law of demand in action, it is essential to understand the basic principles of this economic theory. The law of demand states that there is an inverse relationship between the price of a good or service and the quantity demanded by consumers. This implies that when the price increases, the quantity demanded generally decreases, and vice-versa when the price decreases, the quantity demanded increases, assuming all other factors remain constant.
From the options provided, B. An increase in the price of gas illustrates the law of demand. As gas prices rise, consumers tend to find ways to decrease their usage, such as carpooling or taking public transportation, in order to save money. This is in contrast to option A, which suggests that a change in price does not affect consumption, indicating that this would not be an illustration of the law of demand.